Importers in the country have lamented the astronomical increase in import duties as the Nigeria Customs Service (NCS) confirmed a surge in its monthly revenue in the last four months.
The Comptroller-General, Adewale Adeniyi, revealed that the NCS monthly revenue increased from N202 billion to N333.9 billion in the past four months.
Adeniyi made this known at a national workshop on legislative compliance in Abuja on Wednesday, November 8, 2023.
He said the service collected an average revenue of N202 billion in the first half of the year, adding that in the past four months, monthly revenue collection swelled to N333.9 billion between July and October, showing a 65.5 per cent increase.
Adeniyi stated that Customs partnership with the National Assembly yielded positive outcomes through a review and enhancement of tariff structures and regulations.
He added that NCS managed to optimise revenue collection and ensured that funds were available for national development projects.
The Customs boss said: “One of our early achievements has been a remarkable boost in monthly revenue collection.
“I am delighted to announce that we have consistently exceeded the monthly target collection of N307 billion, marking a remarkable departure from previous performances.
“The joint efforts of the NCS and the legislative arm of government have allowed us to respond effectively to public concerns and petitions.”
An importer who would not want their name in print lampooned the NCS for making excessive revenue off importers noting that they are paying a lot in import duties.
He feared that importers in the country might be forced to look into another venture if the customs exchange rate is not reviewed downward.
Recall that in June, importers began to pay more import duty than usual for the clearance of their cargoes at the seaports across the country as the Central Bank of Nigeria (CBN) upped the official exchange rate used by the Nigeria Customs Service (NCS) to calculate import duties and levies from N422.30/$1 to N589/$1.
